HB4129 Summary

• Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish completion dates for tax increment financing (TIF) redevelopment projects and retirement of related obligations.

• Sets a 23-year completion deadline for most TIF projects established after January 15, 1981, measured from when ad valorem taxes are collected in the 23rd calendar year after ordinance adoption.

• Allows 35-year completion periods for TIF projects in transit facility improvement areas, and extends this to municipalities with specific financial distress designations.

• Provides individualized completion date extensions for numerous Illinois municipalities based on their specific ordinance adoption dates and circumstances, ranging from 28 to 47 years.

• Allows the Village of Caseyville a 35-year completion deadline for a TIF ordinance adopted on July 1, 1995, for purposes of real property tax increment allocation financing.